You'll need to use a DSP component. Output component development tools are no longer included in the SDK.

An alternative would be to use a visualization. With a visualization you have more control over how many instances are created and can be sure you only process data from playback (and not from conversion). It depends on how much you trust the user. If it is only for your own use you probably would not spend as much time on making it fool-proof as you would for a public release.

In either case (DSP or visualization) your code can do pretty much whatever you want.